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Welcome to the 2017 AFS Annual Meeing, being held this year, in conjunction with FPA in Nashville!
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Sunday, October 1 • 4:30pm - 6:00pm
P08 Trade-Off Theory and Household Capital Structure

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This study tests the Trade-Off Theory of Capital Structure as applied to the household. Within this model, a household weighs the costs and benefits of debt to determine its optimal capital structure, and engages in a target-and-adjustment process over time to make their actual capital structure more closely resemble their optimal capital structure. A sample of households surveyed over multiple waves of De Nederlansche Bank (DNB) Household Survey is extracted and used to test a fixed effects model of household capital structure target and adjustment.

Author(s): David Allen Ammerman

avatar for David Allen Ammerman

David Allen Ammerman

Financial Officer, National Academy of Sciences
As a financial officer at the National Academies in Washington, D.C., Allen works with research program directors and staff to develop proposals, manage budgets and ensure compliance with federal or other sponsor regulations. Formerly, Allen has been a business unit administrator... Read More →

Sunday October 1, 2017 4:30pm - 6:00pm
Cumberland 1-2